* Nikkei up 2.5 pct, briefly hits one-week high
* Exporters gain on soft yen, hopes for U.S. economic steps
* Property firms slide after slashing annual profit outlooks
(Adds stocks, details)
By Aiko Hayashi
TOKYO, Feb 6 (Reuters) - Japan's Nikkei stock average gained
2.5 percent on Friday as a softer yen lifted exporter shares
such as Canon Inc <7751.T> and on hopes for new developments in
U.S. steps to stimulate the economy.
Asahi Breweries <2502.T> jumped 3.5 percent on a media
report that Japan's largest beer maker was considering a bid for
Anheuser-Busch InBev's <INTB.BR> South Korean unit, while
Softbank <9984.T> shot up after it posted a quarterly profit and
stuck to its forecast for modest full-year growth.
[] []
But property shares slid, weighing on the market after top
Japanese property developers such as Mitsui Fudosan Co <8801.T>
cut their annual profit outlooks as the economic recession and
falling land prices led to weak apartment sales. []
"Expectations for fresh developments with U.S. economic
measures next week, including the establishment of a 'bad bank'
scheme, and a weaker yen are encouraging investors to pick up
stocks," said Fumiyuki Nakanishi, manager at SMBC Friend
Securities.
The benchmark Nikkei <> climbed 199.69 points to
8,149.34, after briefly touching its highest point in about a
week.
The broader Topix <> rose 1.4 percent to 797.48.
Investor sentiment on Wall Street got a boost from talk that
Washington could suspend an accounting requirement for
recognising losses that has resulted in billions of write-downs
for banks.
The Obama administration is due to announce its bank rescue
plan next week. []
Market analysts said investors will scrutinise U.S. jobs
data due later in the day.
U.S. non-farm payrolls likely shed 525,000 jobs in January
following 524,000 jobs lost the previous month, a Reuters poll
showed. The unemployment rate is seen at 7.5 percent, compared
with 7.2 percent a month earlier. []
"There's a possibility that jobs figures will be very poor,
but that will likely be offset by hopes for the U.S.
government's economic steps," said Yumi Nishimura, manager at
Daiwa Securities SMBC.
EXPORTERS GAIN, ASAHI CLIMBS
The dollar hit a one-month high above 92 yen in U.S. trade
on Thursday and was around 91.00 yen <JPY=> in Asia trade.
Investors welcome a softer yen as it boosts exporters' overseas
profits when repatriated.
Canon jumped 4.3 percent to 2,545 yen, while Honda Motor
<7267.T> advanced 5.5 percent to 2,290 yen.
Softbank added 5.2 percent to 1,450 yen, while shares of
Asahi gained 3.5 percent to 1,376 yen.
The Nikkei business daily reported the Japanese beer maker
and South Korea's Lotte Group are in talks on a joint
acquisition of No.2 South Korean brewer Oriental Brewery Co for
100 billion to 150 billion yen ($1.1 billion-$1.6 billion).
Asahi later said in a statement it was not considering a
bid.
"Japanese beer makers have no choice but to search for
growth overseas because the population at home is shrinking and
demand is slowing," said Nakanishi at SMBC Friend Securities.
"Considering the weakness of the won, the timing is also
good for a bid like this."
The newspaper report came just after Asahi forecast a slight
fall in operating profit this year, hit by heavier depreciation
costs, and said it would pursue acquisitions to grow outside
Japan's shrinking beer market. []
Mitsui Fudosan shed 2.2 percent to 1,268 yen, while
Mitsubishi Estate Co <8802.T>, which also cut its annual profit
outlooks on Thursday, declined 1.3 percent to 1,225 yen. The
real estate subindex <.IRLTY.T>, which fell 1.4 percent, was the
biggest loser among the subindexes.
Trade was active on the Tokyo exchange's first section, with
948 million shares changing hands, above last week's morning
average of 861 million.
Advancing stocks outpaced declining ones, 908 to 618.
(Editing by Brent Kininmont)
